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HRA/Housing <br /> August 25,2003 <br /> Page 8 <br /> • Density bonuses /Amend zoning requirements. The zoning code could be amended • <br /> to allow higher densities in developments. The higher density would reduce the cost <br /> for each unit.The city could also offer density bonuses if builders include affordable <br /> units in the development. A formula could be developed that would allow extra <br /> market rate units for affordable units. <br /> • Housing Rehabilitation. The city could establish a housing preservation and <br /> rehabilitation program. Since most of the affordable single family housing is older, a <br /> plan to preserve and rehab this existing housing stock would be an effective way to <br /> maintain the city's affordable housing supply. <br /> • Tax Increment Financing. State law enables cities,HRAs and EDAs to administer <br /> development,redevelopment or rehabilitation activities that are financed by the <br /> increase in property taxes generated by the activity.This tool can be used to <br /> redevelop blighted areas and construct low and moderate income housing. The city <br /> and HRA could consider a policy to provide TIF for the redevelopment of blighted <br /> residential areas and/or new construction of low and moderate income housing. <br /> Staff believes that the most effective way to address the issue of providing an opportunity <br /> for affordable housing would be to utilize each of the options outlined above. There is no <br /> one "silver bullet" that can address the need to strike a balance in housing stock, both by <br /> type and affordability. Each of the above options provides an opportunity to deal with <br /> housing in a comprehensive matter. <br /> • <br /> • <br /> S:\PLANNING\Scott\HRA 8-25 housing.doc <br />